What methods should be used to model the curved lip on this model?
You can use the Bevel tool:

Create a 90° angle, bevel it:




Select the bottom vertices, same thing, bevel them with ShiftCtrlB:




Create additional topology if necessary (use the knife tool, K to activate, Z to cut through, C to cut orthogonally):



Extrude with AltE &gt; Extrude Faces Along Normals: